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REAL ESTATE

Expats occupy 36% housing units in Saudi Arabia
December 10, 2017

The number of housing units in Saudi Arabia is approximately 5.46 million and 35.9 percent, or 1.96 million, of them are occupied by foreigners.

The number of houses occupied by Saudis is about 3.5 million (64.1 percent).

According to an analysis by Al-Eqtisadiah newspaper of the housing distribution in the country based on data provided by the General Authority for Statistics for the year 2017, the average size of family per home is 5.9"...

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A Game-Changing Deal on the Polish Retail Market - EPP Becomes the Leading Shopping Centre Landlord with €692.1 Million Acquisition
December 6, 2017

(AETOS Wire)-- JSE listed Echo Polska Properties (EPP) today announced the acquisition of 12 major shopping centres and retail parks (M1 portfolio) in three tranches over the next three years. The acquisition from a consortium (owned 25% by Redefine Properties), totals €692 million and forms part of a larger 28 property portfolio that has been acquired by the consortium. Upon completion of the transaction in mid-2020,"...

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UAE developer Manazel announces plans to expand in Saudi Arabia
November 27, 2017

UAE developer Manazel Real Estate has announced plans to expand its business into the wider region, with a particular focus on Saudi Arabia’s middle income housing segment.

According to Manazel, the company plans to enter the Saudi market through targeted developments before the end of 2017, taking advantage of opportunities created by ongoing real estate investment, the introduction"...

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AED 21 billion Royal Pearls makes steady progress, Phase One 10% ready
November 22, 2017

Offering smart, networked and ultra-modern living spaces in a pristine, upscale location within easy reach of key urban hotspots and centrally located in a serene residential setting, Royal Pearls, the prestige new development from Oriental Pearls Real Estate Developers,"...

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SR500 fine for failing to renew iqama 3 days after its expiry
November 20, 2017

There will be a grace period of three days before the fine of not renewing iqama (residence permit) on time is imposed, according to the passport department (Jawazat).

A fine of SR500 will be charged for delaying iqama renewal, Al-Madina Arabic newspaper quoted the Jawazat as saying on Sunday.

The Jawazat also said that there will not be any fee for transfer of data (naqal malumat) from old passport to the new one.

It said"...

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Why Saudi Arabia’s Mega-City Project “Neom” Will Likely Fail
November 16, 2017

Saudi Arabia has been making headlines for various reasons over the past couple of weeks, not least because former Lebanese Prime Minister Saad Hariri is reportedly being held against his will in Riyadh. Another piece of news making current events in Saudi Arabia sound like something out of an episode of Game of Thrones is the announcement of a new, mega-city project. The project, which is called Neom, claims to be the only independent economic zone of its kind, and will cost about $500 billion to develop. Salem Saif, a writer on politics from the Arabian Peninsula, succinctly explains in Jacobin why the mega-city project is likely to fail, based on how similar urban development projects have played out in the region. He also highlights the things the planned city reveals about Saudi Arabia’s political......

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King Abdul Aziz City for Science and Technology approves Mathaqi as an incubated project for delivery of homemade food
November 14, 2017

The King Abdul Aziz City for Science and Technology (KACST) on Monday announced that Mathaqi has been accepted as an incubated project, which has already created employment opportunities for Saudi women to earn an average monthly income of SR4,000 ($1,067),

Mathaqi is a smartphone application specialized in home-cooked meals for online ordering and delivery, which aims to support productive families and create additional channels to improve the income"...

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